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Bank of America (NYSE: BAC) CEO Ken Lewis has been trying to sell the South Carolina vacation home he owns in partnership with a North Carolina restaurateur for three year. He just slashed the price by 13% -- to $3.3 million.
The Wall Street Journal reports (subscription required) that "the 5,700-square-foot Low Country home is on Spring Island, a causeway-accessible private community near Hilton Head Island, and has three bedrooms, a screening room and an office. The property has a deepwater pier and is near the island's 1,300-acre nature preserve. The home was off the market for a number of months."
Sure he'd take a hefty loss on the home, but that would give him something in common with people who bought Bank of America shares when the stock was riding high -- and he was insisting that everything was fine.
Bank of America is already under pressure from regulators to shake up its board of directors, and you have to think that Ken Lewis' head isn't too far from the Obama guillotine. Gifting a home that won't sell to charity would buy Lewis and Bank of America some badly depleted and much needed political capital.
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